Median property prices leveled off between March and April, but is that really cause for concern?
We’ve seen a lot of great things as far as the Santa Clarita real estate market goes. In the past 3 years, we’ve seen a rebound in sales figures and prices, including a huge reduction in short sales and foreclosure sales.
So when the Southland Regional Association of Realtors releases statistics showing that single family home prices in the SCV dropped $20,000 between March and April, some homeowners give it cause for concern. But is it?
Home prices regularly fluctuate.
If you look back over the sales figures history as provided by the Southland Regional Association of Realtors, you’ll find that home prices regularly fluctuate, even in a hot market. What you’ll want to consider is the overall long term growth in value, especially if you’re planning to stay in your home for a long period of time.
Take overall economic conditions into consideration.
While prices and rates may fluctuate, before your concern for your overall home value really gets ramped up, consider the economic conditions that may lend itself to a true affectation of the market. Take the recession for example. There were many other factors that came into play on national, and international, levels that began to reflect in the real estate community. Currently for example, we’re looking at a growing economy, lower unemployment, and a rising stock market, which had lent itself to a positive real estate market overall, with prices rising year over year in the double digits since 2013.
Consider your own strategy and reasons for owning a home.
Are you buying a home that you’ll remain in for many years while raising your family? Are you considering a more short term approach strictly for profit? Either way, you’ll want to strategize to maximize your value potential. We have answers to your home purchase strategy questions. Contact us to find out more.
Contact the Lichen-Hooper Real Estate Team to find out how we can help you realize all of your real estate goals.